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Twitter shares plunged 7% in premarket trading after Tesla CEO Elon Musk decided not to join the social network’s board of directors. Dogecoin fell by 5%
Shares of Twitter (TWTR) plunged more than 7% in pre-market trading after Twitter CEO Parag Agrawal said Elon Musk had decided not to join the board. Bloomberg writes about this, citing trading data from the New York Stock Exchange.
At the time of writing, TWTR quotes are $46.2. The market capitalization of the social network is just over $37 billion.
According to Agrawal, the board of directors had active discussions on the topic of Musk’s membership. Nevertheless, on April 9, the head of Tesla announced that he was not going to join the board of directors of Twitter.
“I think it’s for the best. We will always value the position of our shareholders, whether they are members of the board of directors or not,” Agrawal said in an official address.
Nothing is known about the reasons that prompted Musk to change his mind. It is noteworthy that back on April 5, when Agrawal announced the inclusion of Musk on the board of directors, the head of Tesla enthusiastically reacted to the news, adding his intention to make “significant improvements” in the coming months.
Previously, Musk suggested lowering the cost of a subscription to Twitter Blue Labs, an experimental innovation service. up to $2 per month (from the current price tag of $2.99) and add dogecoin (DOGE) to the list of payment methods. This news pushed DOGE up 10% to a local high above $0.15 in a matter of hours. However, by Monday, the trend reversed and pushed the token back to $14.2. During the day, the coin lost 5%.
Recall that in early April, Elon Musk bought a 9.2% stake in Twitter for a total of $ 2.89 billion. As a result of the transaction, the head of Tesla became one of the largest shareholders of the social network. Shortly after the news of the deal was made public, Twitter’s share price soared above $50.1.
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